Data Sufficiency

Hello,

This is from MGMAT:

Three business partners owned 100% of a certain company. When they sold the company, one partner received exactly 5/8 of the proceeds of the sale and the other partners shared the remainder of the proceeds. How much money did the partner who received the smallest amount of the proceeds receive from the sale?


(1) The partner who received the smallest amount from the sale received exactly 1/5 the amount received by the partner who received the second largest amount.


(2) The partner who received the second largest amount from the sale received half of the two million dollars received by the partner who received the largest amount.


OA: B


Can you please tell me if my approach is correct:

Let total proceeds be x

1st partner received (5/8)x. 2nd and 3rd partners received (3/8)x. (Given)

So 2nd partner received (2/8)x - 2nd largest share

and 3rd partner received (1/8)x - 3rd largest share

To find: (1/8)x = ?


1) (1/8)x = (1/5)(2/8)x - Insufficient

2) (2/8)x = 1 Million - Sufficient



Thanks,
Sri